The following process will describe the steps required to run the Consolidation Process
The following setups are to be in place prior to the actual running of the consolidation process
- A new company which will be used for consolidation purposes
- Each company which will act as a subsidiary to the group
- The consolidation debit and credit G/L Account which is to be set in each nominal account in the subsidiary account
- The chart of accounts within the Consolidation company towards which the entries will be created
- The Business Units in the Consolidation Company
Step-by-step guide
In order to run the consolidation process, first of all the user is to go to Business Units which can be easily accessed by looking for it in the search bar.
Since we are handling data which is already found within the same database, ie in separate companies, we simply need to run the process by clicking on Import Database. We can either opt to import the data one by one or else simply retrieve all the data for all the Business Units within the company.
The window similar to the one below will show up and the user is to insert the following data:
- Starting date - the starting date of the accounting year being worked on
- Ending date - the ending date of the accounting year being worked on
- Copy Dimension - select the dimensions which are to be copied. Please make sure that the dimensions and dimension values are aligned.
- Document No. - Any document No. will do, but we strongly suggest to make it clearly recongisable.
- Parent Currency Code - the consolidation currency code.
After filling in the details click OK and the data will be transferred.
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